The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1887-09-01
RUSSELL SAGE.
His FOhdness for the Almighty Dollar
How He Has Helped Gould.

How He Has Helped Gould.
Russell Sage is an immense charac-
ter, even if he is a great financier A
dollar either coming or going looks
big in his eyes. His abnormal appre-
citation of the value of money encOur-
ages him to reach out for it wherever
it is to be found and to hold fast to ii
when once it is in his grasp.
The only big loss that he ever sus-
tained was in the May panic of 1884.
The smash in prices was something
contrary to the natural course of
values and was wholly the result of
the unexpected disclosures of Ferdi-
nand Wards wonderful system of
financiering. Had the market been
allowed to pursue it's natural course
there would have been rise instead
of drop. A number of houses were
carried down and Mr.. Sage's puts and
calls which were out showed loss to
him in the neighborhood of 81, 900, 900.
That was a comparatively small part
of Mr.. Sage's fortune, but it appalled,
him so that he shut up mis- Office and
would not honor his contracts. On
the advice of Mr.. Gould he afterward
paid the holders of his privileges the
amount due them. His mind was al
most unhinged, however. His physi-
clan was compelled to order him away
to the country. For months he did
not transact particle of business and
when he came back to his office at No.
~ Broadway, the privilege brokers
found that no bargains" were to be
obtained from HIM. He was so thor
oughly frightened that he would only
sell ''sure things" for himself There
was no chance for the buyer of his
paper to strike profit that would be
worth taking chance for.
Even now he has not recovered his
courage, and his puts, calls, and
spreads are so far away from the
market that he does not issue con-
tracts for one hundred shares where
he formerly sold them for thousands
of shares. He confines himself almost
wholly to money-lending He always
has more ready money ON hand than
any other man on the street, and con-
sequently is more sought by borrowers
than any other lender. Mr.. Gould has
been helped out of many tight place
by Mr.. Sage's money, but Mr.. Sage
has lost nothing by the help he has
given the former. Mr.. Gould has let
him into all his big deals, and if he
had the daring of Mr.. Gould he might,
with his means. have been much the
richer man. He has always played in
a moderate and cautious way. He
never was caught in a straight trans
action.
His judgment on the stock market
and values in general is almost infalli-
able. Jay Gould often takes his opin-
ion in preference to his own Mr..
Gould is the man to 60 ahead when he
finds out that he is right, and if Mr..
Sage tells him he is right he can devise
the means. whether legitimate or not,
to carry out almost any plan.
Mr.. Sage is very exacting in his
dealings with people. In the first
place. he takes no chances at all. In
order to borrow money of him, col
lateral securing him beyond all ques-
ton must be furnished. In all kinds
of deals he is valuable because of the
money he is able to furnish to put
through schemes. If new railroad
is to be built he will be asked to put in
a lot of money and will be given a
bonus of bonds or stock, or both, for
SO doing.
Mr.. Sage gives more in charity than
the public is aware of, but nothing
like as much as Il person of his wealth
would be expected to. Still he does
more than Mr.. Gould, for the latter
lated of Mr.. Sage that he formerly
allowed a missionary at work among
the Indians $3.50 year, but when the
great declines in values started in the
latter part of 1881 he ''felt poor" and,
so the anecdote runs, cut 800 off the
missionary's allowance.
Every day at l o'clock Mr.. Sage
goes to the Western Union building to
partake of the lunch served in Mr.
Gould's office. 1t is no big saving, but
nevertheless II amounts 10 snug sun
in the course of a year. Mr.. Sage ha.
the greatest liking for apples an6
candy, and will often stop at street
stands to drop penny for piece o1
chocolate OF a red apple. He has ex
pended considerable money in one
way for personal qualification, and
that is in the purchase of fast horses
He is passionately fond of driving and
has number of crack roadsters in his
stables. He is very abstemious. He
drinks little claret now and then,
and in winter takes a spoonful oi
bourbon in some apollinaris as a stim-
ulant. He does not use tobacco, and
eats very plain food. He always
dresses plainly.
What Mr.. Sage proposes to do with
his great fortune is an enigma. He
has no children. There is nephew,
a white-haired man bearing the name
of Russell Sage, Jr., who, it is sup
posed, will receive a good deal OF
money by Mr.. Sage's will. Mr.. Sage
has some forty relatives, but few OF
them are .'close relatives. ."-NeU York